390.821 Board of control; powers. Sec. 1. The board of control of Ferris state university may do all of the following: (a) Acquire, purchase, or erect residence halls and housing units. (b) Acquire, purchase, or erect buildings, rooms, and facilities to be used as social centers for the students and faculty members, separate from or […]
390.822 Board of control; title to realty. Sec. 2. The title of all real estate and improvements acquired and erected under the provisions of this act shall be taken and held in the name of the board of control of Ferris institute. History: 1953, Act 55, Imd. Eff. May 8, 1953 ;– Am. 1959, Act […]
390.823 Board of control; borrowing power. Sec. 3. In carrying out the above power, the board may borrow money, pledging the rents and income received from the residence halls and housing units in excess of all operating expenses, for the discharge of loans so executed, or pledging the fees charged the students for the use […]
390.824 Payment of obligations. Sec. 4. Obligations assumed under this act shall not be or become a charge against this state, nor become a lien on or secured by any property, real, personal or mixed, of the state or the board of control, but all obligations, including principal and interest, shall be payable solely from […]
390.825 Bonds; purchase by state unlawful. Sec. 5. Bonds or obligations issued under the provisions of this act shall not be purchased by the state of Michigan. History: 1953, Act 55, Imd. Eff. May 8, 1953
